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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

IHT trap ensnares families and nets record funds - September 21, 2016
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A multi-billion inheritance tax (IHT) bill – caused by a combination of spiralling house prices and an increase in winter deaths – has led to calls for the Government to pay compensation, with campaigners claiming tax rule changes have taken too long to implement. Around 30,000 families, whose relatives died after the Government announced new, … Continue reading IHT trap ensnares families and nets record funds


Changes to non-dom rules in the pipeline - September 14, 2016
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As part of a raft of recently launched consultations, the government has unveiled its latest plans for the changes to non-dom status announced by the previous Chancellor in his 2015 Budget. Under the plans, non-doms who are deemed to be long-term residents will be required to pay UK tax on their worldwide income. The changes … Continue reading Changes to non-dom rules in the pipeline


Revenue gets tough on salary sacrifice schemes - September 14, 2016
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The previous Chancellor announced at the Budget in March 2016 that the government would consider restricting the range of Benefits in Kind (BiKs) that are exempt from Income Tax and National Insurance. In August, HM Revenue & Customs (HMRC) launched its formal consultation on the changes – which proposes that almost all BiKs should be … Continue reading Revenue gets tough on salary sacrifice schemes


Revenue sets out first plans for Making Tax Digital - September 14, 2016
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In August HM Revenue & Customs (HMRC) issued the first wave of consultation documents on its Making Tax Digital (MTD) initiative. This first wave of consultation documents set out the Revenue’s plans for the implementation of MTD for the smallest businesses and, as expected, a large number of small businesses will need to report on … Continue reading Revenue sets out first plans for Making Tax Digital


Small businesses face new punitive penalty regime - September 14, 2016
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New rules introduced as part of the government’s Making Tax Digital proposals could see fines for late tax payments triple. Currently small businesses face a fine worth five per cent of their outstanding tax bill if they pay late. This is charged at 30 days, six months and then again at 12 months, slowly accumulating … Continue reading Small businesses face new punitive penalty regime


Reminder: Flat-rate expense agreements - September 14, 2016
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Workers in a number of different sectors are often obliged to spend small amounts each year maintaining or replacing tools and special clothing, which are deemed necessary for them to carry out their employment duties. In order to provide support to these workers, HM Revenue & Customs (HMRC) allows a flat-rate expense to cover these … Continue reading Reminder: Flat-rate expense agreements


Inheritance Tax rise underlines need for effective planning - August 18, 2016
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Treasury receipts from inheritance tax have increased by 22 per cent in 2015/16 compared to the previous 12 months, to a record £4.7 billion. The rise is mainly due to an increase in house prices in recent years, with critics arguing that a tax initially intended to capture only the rich is now being paid … Continue reading Inheritance Tax rise underlines need for effective planning


Student loan repayment arrangement altered by HMRC - August 15, 2016
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HM Revenue & Customs (HMRC) has announced that it is making changes to the deduction of student loan repayments from employees’ pay with the introduction of two types of student loan. These have been referred to as plan one and plan two and relate to each individual employee’s student loan arrangements. These new changes will … Continue reading Student loan repayment arrangement altered by HMRC


Reminder: Landlord tax relief changes ahead - August 15, 2016
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With the confusion and uncertainty of the last few months it is easy to forget the upcoming changes to the buy-to-let sector. Landlords who own residential properties as a private individual can currently claim income tax relief on the total cost of finance on those properties, such as interest on mortgages and loans. However, under … Continue reading Reminder: Landlord tax relief changes ahead


Are you owed a refund on your Business Rates? - August 15, 2016
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If your business only uses one property and that property has a rateable value of less than £12,000, you may be due a Business Rates refund if you have not already claimed small business rate relief. You may also be eligible for a refund if you have taken on new premises in the past year, … Continue reading Are you owed a refund on your Business Rates?


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